CAAP to Bid for Full Ownership of Brasilia Airport Administrator, Adding 10 Regional Airports
CAAP sits 47% above its 52-week low of $17.36.
Summary
Corporacion America Airports (CAAP) plans to enter a fast-track tender to acquire full ownership of its 51%-owned subsidiary, Inframerica, which administers Brasilia Airport. This follows an amended concession agreement for the airport. The tender will see state-owned Infraero exit its stake in Inframerica, and the agreement also includes 10 additional Brazilian regional airports in the concession. This represents a significant expansion of CAAP's operational footprint and potential revenue. The fast-track tender process is expected to take place by December.
At the time of this announcement, CAAP was trading at $25.54 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $4.2B. The 52-week trading range was $17.36 to $30.50. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.